TheStreet’s Jim Cramer says many experts have been wrong on where oil prices are going, and he cautions investors to remember the past when thinking about where prices could go in the future. Cramer looked back at what experts were saying about oil a year ago, and many thought prices would go higher. Of course, the exact opposite occurred. He noted oil had similar price swings back in the mid-80’s, and eventually traded down to $10.25. For this reason, Cramer is cautious on oil stocks in his Action Alerts PLUS portfolio, which does have a small position in Occidental Petroleum (OXY). In an article, Cramer sums it up this way ‘nobody seems to know anything about nothing when it comes to the price of oil.’ TheStreet’s Rhonda Schaffler has more with Cramer from Wall Street.
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